Aptera (SEV) raises $6.3M through warrant exercise

Solar EV startup Aptera Motors just added some fresh funding to its development journey via warrant exercise. The funding is made possible by a public offering that began in January.

It’s been ten days since our favorite (and only) SEV startup announced it had rolled its first solar electric vehicle off its validation assembly line in Southern California. That progress was made possible by a direct listing on the Nasdaq in 2025.

In January, Aptera announced it had completed a $9 million equity raise led by institutional investors with the option to receive additional gross proceeds if certain warrants are exercised. At the time, Aptera co-founder and co-CEO Chris Anthony stated that the equity raise was “very intentional.” He added that if all related warrants are converted, Aptera’s total gross proceeds from the raise could reach $18 million.

Less than two months later, some of those warrants are already being exercised to keep Aptera’s solar EV validation process funded, but this heightens the risk of diluting its stock.

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Aptera is already exercising warrants issued in January

According to a recent press release from Aptera Motors, it will immediately exercise warrants initially issued in January 2026 to purchase up to 3,167,500 shares of its Class B Common Stock in exchange for about $6.3 million in gross cash proceeds. Per Aptera:

In consideration for the immediate cash exercise of the existing warrants, the Company has agreed to issue new, unregistered warrants to purchase up to 4,751,250 shares of Class B Common Stock (the “New Warrants”). The New Warrants will have an exercise price of $3.50 per share, are immediately exercisable and will expire five years from the date of issuance. The closing of this transaction is expected to occur on or about March 13, 2026, subject to the satisfaction of customary closing conditions.

When combined with its other exercised warrants, Aptera says it has received aggregate gross cash proceeds of roughly $8.1 million. Alliance Global Partners (AGP) continues to serve as the exclusive financial advisor to Aptera Motors with these transactions.

Similar to sentiments shared after the January equity raise, Aptera said it will use the additional funds to continue its validation vehicle manufacturing and testing. Additionally, the startup said the net proceeds will also go toward working capital and “general corporate purposes.”

As always, Aptera still has a ways to go, but it continues to push forward and keep the lights on in Carlsbad using creative (and scrappy) methods. You can still reserve an Aptera SEV for yourself. Use this link for $30 off your pre-order deposit.